Veris Residential (NYSE:VRE) Posts Earnings Results, Beats Expectations By $0.03 EPS

Veris Residential (NYSE:VRE) posted its quarterly earnings data on Monday. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.03, reports. Veris Residential had a return on equity of 5.77% and a net margin of 26.08%.The firm had revenue of $71.31 million during the quarter, compared to analysts’ expectations of $70.85 million.

Veris Residential Trading Up 0.0%

NYSE VRE opened at $18.82 on Wednesday. The company has a market cap of $1.76 billion, a P/E ratio of 23.52, a P/E/G ratio of 2.91 and a beta of 1.26. Veris Residential has a 12 month low of $13.69 and a 12 month high of $18.89. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.53 and a quick ratio of 0.53. The company has a 50-day moving average of $15.45 and a 200-day moving average of $15.12.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Weiss Ratings reiterated a “hold (c-)” rating on shares of Veris Residential in a report on Monday, December 29th. Wall Street Zen upgraded shares of Veris Residential from a “hold” rating to a “buy” rating in a research report on Saturday, December 6th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $18.67.

Hedge Funds Weigh In On Veris Residential

Several institutional investors and hedge funds have recently bought and sold shares of the stock. State of Wyoming grew its stake in shares of Veris Residential by 17.5% during the 4th quarter. State of Wyoming now owns 14,557 shares of the company’s stock valued at $217,000 after buying an additional 2,168 shares during the period. Franklin Resources Inc. acquired a new position in Veris Residential in the third quarter valued at $231,000. Engineers Gate Manager LP boosted its holdings in Veris Residential by 29.5% in the second quarter. Engineers Gate Manager LP now owns 16,776 shares of the company’s stock valued at $250,000 after acquiring an additional 3,825 shares during the last quarter. Metis Global Partners LLC grew its position in Veris Residential by 5.0% during the fourth quarter. Metis Global Partners LLC now owns 19,217 shares of the company’s stock valued at $286,000 after acquiring an additional 921 shares during the period. Finally, Van ECK Associates Corp increased its stake in Veris Residential by 10.8% during the third quarter. Van ECK Associates Corp now owns 19,215 shares of the company’s stock worth $292,000 after acquiring an additional 1,875 shares during the last quarter. Institutional investors and hedge funds own 93.04% of the company’s stock.

About Veris Residential

Veris Residential, Inc (NYSE: VRE) is a publicly traded real estate investment trust that focuses on the acquisition, development, ownership and management of high-quality, Class A multifamily residential communities. As a pure-play residential REIT, Veris Residential offers a range of apartment homes designed to appeal to both urban and suburban renters seeking modern living spaces enhanced with amenities and services.

The company’s portfolio consists of contemporary apartment buildings that feature studio, one-, two- and three-bedroom floor plans.